It started out good but the selling pressure just started to mount. The Dow is off 80 points as of writing and continues to decline. In early morning, investors were encouraged by the rising housing starts that point to stabilization of the sector. In addition, the smaller than expected rise in producer prices tamed investor fear that inflation is on the horizon (these people that think inflation is anywhere near us is insane IMO).
However, industrial production had a steeper than expected slide last month and that spoked the market. As soon as it came out, the market just started tanking. “There’s really no real reason to buy right now”, says one trader. Show me why I should buy stocks, and I can point to 10 more reasons why you shouldn’t.
Best Buy also reported “not so good” results. The largest electronics retailer was off nearly 7 percent today alone.
Get your cash ready. There will be time to buy into the market but it’s not now.